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1368 Clove Rd 1368-1372 Clove Rd

6 Unit Block of Flats £1,421,929 (£236,988/Unit) 8.67% Net Initial Yield Staten Island, NY 10301

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Investment Highlights

High Traffic Location

Medical offices

Executive Summary

Attention investors! Pick up this 6 unit mixed use building at just under a 5% CAP rate! Basement is being utilized as office suites (legal as per NYC dept of buildings). First level was formerly comprised of 2 residential apartments (1- 1 bedroom unit and 1-2 bedrooms unit), which has been reconfigured as medical office space. Second level is comprised of 1 residential 2 bedroom unit potentially being used as office space and 1 residential 1 bedroom unit. Sellers have preliminary approval to convert 1st floor to community facility for medical office use. 3 of 6 units currently leased with 2% increases built in, Potential gross annual income is $156,000. Gross annual expenses $42,000. NOI is potentially $114,000. Located minutes from restaurants, express and local buses and shopping.

Financial Summary (Pro forma - 2024)	Annual	Annual Per SF
Gross Rental Income	£123,084	£23.91
Other Income	-	-
Vacancy Loss	£61,542	£11.95
Effective Gross Income	£61,542	£11.95
Taxes	£16,064	£3.12
Operating Expenses	£17,358	£3.37
Total Expenses	£33,422	£6.49
Net Operating Income	£28,120	£5.46

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual	£123,084
Annual Per SF	£23.91

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	£61,542
Annual Per SF	£11.95

Effective Gross Income
Annual	£61,542
Annual Per SF	£11.95

Taxes
Annual	£16,064
Annual Per SF	£3.12

Operating Expenses
Annual	£17,358
Annual Per SF	£3.37

Total Expenses
Annual	£33,422
Annual Per SF	£6.49

Net Operating Income
Annual	£28,120
Annual Per SF	£5.46

Property Facts

Price	£1,421,929	Building Class	C
Price Per Unit	£236,988	Lot Size	0.12 AC
Sale Type	Investment	Building Size	5,148 SF
Net Initial Yield	8.67%	Average Occupancy	50%
Gross Rent Multiplier	11	Number of Floors	3
No. Units	6	Year Built	1964
Property Type	Residential	Parking Ratio	0.19/1,000 SF
Property Subtype	Apartment Office Office Residential

Price	£1,421,929
Price Per Unit	£236,988
Sale Type	Investment
Net Initial Yield	8.67%
Gross Rent Multiplier	11
No. Units	6
Property Type	Residential
Property Subtype	Apartment Office Office Residential
Building Class	C
Lot Size	0.12 AC
Building Size	5,148 SF
Average Occupancy	50%
Number of Floors	3
Year Built	1964
Parking Ratio	0.19/1,000 SF